Come on in here, Tim Anderson. So we're going to take a look here at the big board together here. We'll do the market check together. Your final tale to tape on this Wednesday afternoon, the S&P in negative, look at this, negative territory, two one-hundredths of a percent. Yes. The Dow down two-tenths, the Stock Exchange Composite Index in the red a tenth of a percent, the small caps down 0.14 percent. Peter and I were just talking, a market trying to find its identity, or is all this just kind of wait and see for what Jensen Wang has to say in the next 30 minutes?
This is a lot of wait and see. The market's just been in some churn, really, for the last three to five days. It's almost like the calm before the storm with Jensen Watt from NVIDIA speaking at the earnings call tonight, probably within an hour. And then, of course, Kevin Wars speaking Friday morning. And one of the great conversations or debates that I had with people during the week was going on among a number of people, market watchers, was who's going to have more impact on the direction of the market for maybe the rest of the year? Is it Jensen Wong when he speaks tonight or is it Peter Walsh, is it Kevin Walsh on Friday morning?
What's your take?
You know, I think it actually might be Jensen Law because Kevin Walsh is not going to tip his hand on inflation. He's not going to give any forward guidance. The highlight of that conference, the theme of that conference this year is on the impact of technology on the economy. And I think he's going to make a lot of very salient comments on that. But he's not really going to give people a roadmap for where we're going the next six months in terms of rates. I think we're going nowhere. I'm in the minority. I do not think they're going to hike rates between now and the end of the year. And in fact, I think their next move is probably going to be a cut, whether that's late this year or early next year.
So a series of holds, but eventually, says Tim Anderson, an interest rate cut of 25 basis points. It'll be here to take at some point. So let me ask you, what does the Fed do with the PCE inflation number we got this morning? Headline, I believe, 3.7, core PCE 3.3. Hey, we heard Powell for years. We've heard Warsh say the goal is 2%. 3.3 is not 2%.
No, I know it's not 2%, but that was really a pretty benign number. If they believe in looking at trends, that's basically unch from last month. I know the headline number was up a tenth. But I think that there are forces really that are behind the scenes pushing inflation lower. Just as an example of that, we're still in this war in Iran, although it's not really active fighting right now, but it's an unresolved conflict. And oil is in the 80s. It's not in the 120s. Yeah, that's true. So I think if people had told you months ago we would still be talking about this war a week before Labor Day weekend, you would think that oil would be well above $100. Sure. So I think that the oil market is telling us that A, there's waste, that This whole skirmish is closer to getting resolved than a lot of people are reporting.
I only have about a minute left, but it's not just NVIDIA today. We'll hear from Okta, CrowdStrike, Salesforce, CRM. What's on your radar? You've seen some of those names and sectors move this year.
Yeah, there's another stock called Everpure, I believe, used to be Pure Storage. The symbol's letter P. It's had a big move the last three weeks. I think they report tonight. And it's one of those periphery stocks that could get impacted by what NVIDIA says. A lot of people have talked about what NVIDIA says might impact 10 to 15 stocks on the periphery of the AI build out even more than themselves. And so there's a list of stocks that people are looking at.
There certainly is. We'll hear what Jensen Wang He dresses very sharp. I love his leather jacket. Yes. He's like the coolest dude in the game.
I wonder how many of those leather jackets he has.
That's a good question. How many leather jackets does he have? Yeah, a 5.2 trillion dollar market cap. He's got to have a few of them. He's got to have a few of them, and they are Tom Ford, I believe.
And I would just say, and I would just say, if you're watching and if you're an investor at home somewhere, I would wait beyond the headline earnings number until the conference call and the commentary from the conference call.
First move is often the wrong move.
Especially with NVIDIA, because that's what's going to really tell the whole story, is his comments later.
Tim Anderson, rocking and rolling. Kick off the broadcast. Thank you for being here, bud. We'll talk to you again soon. Hey, it's a pleasure.
